ASPEN COMPLETES 80% BRIDGE-TO-LET TO SAVE DEVELOPER'S PROJECT
29 Sep 2022
Aspen Bridging took just 14 days to complete an 80%, £760k gross Bridge-To-Let (BTL) loan and save the developer’s latest project from further costly delays.
The applicant, who is developing a Grade II listed brown brick terraced building into four flats in Bath, Somerset was coming to the end of his term deal with no prospect of agreeing an extension despite the building work remaining unfinished following interruptions during lockdowns.
Ian Miller-Hawes, Head of Sales at Aspen received the application and, in-line with the lender’s one-person-per-case service promise, agreed to visit the property and developer as soon as possible to understand the issues and move the process along quickly.
The deal was completed over an 18-month term, with the initial nine-month bridge on a flat rate of 0.79% pm followed by a nine-month BTL period at 4.74% pa. Exit will be through sale of the apartments.
Steve Barrett, Director at South West Business Finance (SWBF) said: “We were delighted to work with Aspen who were efficient from start to finish and really demonstrated their knowledge and expertise in funding a Grade II listed building in Bath.”
Aspen’s award-winning Bridge-to-Let product is designed to offer wider use flexibility and lower ERC’s than existing or two-year hybrid offerings.
Available up to 80% LTV, with bridge rates starting at 0.64% pm and BTL rates of 4.49% pa, the product is open to UK and foreign applicants, including first-time buyers, up to a maximum loan size of £10m.
Terms run for either 18 months or two years and are split equally between the retained bridge initial period and the serviced BTL.